3 Things You MUST Know About Planning Your Estate
3 Things You Must Know About Planning Your Estate
Fawcett Law
漏2009 路 www.FawcettLaw.com
3 Things You MUST Know About Planning Your Estate
introduction
Society has continually strived to make our lives more efficient. We have streamlined banking, communication and can even order food online now! The schools of today teach sewing and cooking in Home Economics, but there isn’t a class on basic life skills. There isn’t a Balancing Your Checkbook 101 class, or How to Make Your Final Arrangements class. They don’t tell young adults that having a Last Will & Testament is just as important as having a driver’s license. Coming into this world and leaving this world is the most natural thing about the human experience, and yet we don’t really talk about it. That inability to talk about it makes the process so much more drawn out and difficult for everyone. Fawcett Law
©2009 · www.FawcettLaw.com
It’s inevitable that we will all have some kind of medical difficulty, or even die at some point, but most of us don’t want to dwell on it. At Fawcett & Fawcett we understand your reservations and strive to keep this process as simple as possible. At the very minimum, everyone should have three documents to their name. I like to think about these documents, not as a step closer to your demise, but as a continuation of your voice. Make sure that no matter what your life journey brings to you, your voice is still heard.
3 Things You MUST Know About Planning Your Estate
1. You Need A Will A will is a legally binding contract that directs who receives your property and assets when you die. Your will also appoints a legal representative to distribute your property. You need a will for several reasons: 1. You can direct to whom to give your property and assets. If you die without a will, your property may not be distributed according to your wishes. Make sure that the special antique watch in your family goes to whom you want it to go and you can even explain why. This is your voice. This lets the people that you love know that they were remembered and were important to you. 2. Having a will is also an opportunity to record your burial preferences. Talking with your family about what your beliefs or wishes are about burial can be uncomfortable. But you can avoid this by simply putting it in your will. 3. You can appoint who will be the executor of your estate. Your will also appoints a special type of representative to distribute your property, which is called an executor. The executor can be a friend or family member you trust, or it can even be the Fawcett Law
漏2009 路 www.FawcettLaw.com
3 Things You MUST Know About Planning Your Estate
2. You Need An Advanced Medical Directive A medical directive is a document where you can record your personal wishes in regards to a number of medical treatments. It gives someone the power to consent on your behalf to something as simple as new medication for you or something more serious such as resuscitation. A medical directive only comes into effect if you are not able to make decisions for yourself and full power is restored to you when you are able to make those decisions again. Because we can never know what may happen to us, there are premade forms that can help you decide what needs to be put into your advanced directive. Your medical doctor also may be able review the choices with you to make sure you have clear understanding of the options.
Fawcett Law
漏2009 路 www.FawcettLaw.com
3 Things You MUST Know About Planning Your Estate
3.You Need to Appoint Someone as Power of Attorney Appointing someone as your power of attorney (POA) means that they act on your behalf in financial matters if you suddenly become incapacitated or you want their powers to take effect immediately. Without a POA, no one can represent you unless a court appoints someone. A POA may be limited or general. A general POA gives the representative all the rights that you have. Think and choose carefully who will be your POA. Remember they are acting on your behalf, meaning they can buy and sell property and access your bank accounts and other assets. A limited Power of Attorney gives whoever you appoint access to only what you want them to have access to.
Fawcett Law
漏2009 路 www.FawcettLaw.com
3 Things You MUST Know About Planning Your Estate
Next Steps Don’t let you voice fall silent when it is the most important moment to be heard. Take a few minutes and click on the link below to download the Get my House in Order form and fill it in. Then call Myrna Fawcett or Bonnie Jones-Moon at Fawcett & Fawcett Law to set up a complimentary appointment to set up your estate plan. You’ll sleep better knowing it’s taken care of.
Fawcett Law
©2009 · www.FawcettLaw.com
3 Things You MUST Know About Planning Your Estate
About the author
Myrna L. Fawcett specializes in Elderlaw, in representation of families of special needs children, and in representation of persons with disabilities. Among her current volunteer and pro bono activities are the Estates Trusts and Probate Section, DC Bar, Sub-committee Chair; the Washington Bioethics Network; Washington, D.C. Jewish Community Center, Director; the Theater J Council; Pyramid Atlantic Art Center, Silver Spring, Maryland, Director and Treasurer; President’s Advisory Council of Barnard College of Columbia University, Chair; Leadership Greater Washington; the Washington Metropolitan Dialogue of Civic Leaders on Faith; Advisory Board of the Hurt Home and member of ethics committee of a local nursing home. Ms. Fawcett graduated from Barnard College and Georgetown University Law Center and is a member of the District of Columbia, Maryland, New Jersey, and New York bars, and of the National Academy of Elder Lawyers. She has participated in panels on bioethics, elder abuse and hoarding before professional groups and government agencies. She has been quoted in national newspapers and magazines.
Fawcett Law
©2009 · www.FawcettLaw.com